Scenario is as follows:
A company issued $200,000 of its 10 percent bonds payable on April 1, 2030. The bonds were issued at face value. Interest is payable semi-annually, on October 1 and April 1. Give the journal entries to issue the bonds and pay each of the first two interest payments to bondholders

E17-3 (Entries for Held-to-Maturity Securities) On January 1, 2006, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2006, and mature January 1, 2011, with interest receivable December 31 of each year. Hi a

On December 31, 2008 Company A rendered services to Company B at an agreed price of $91,844.10 (do not round), accepting $36,000 down and agreeing to accept the balance in four equal installments of $18,000 receivable each December 31. An assumed interest rate of 11% is imputed.
Prepare the entries that would be recorded by

Battle Tank, Inc. had net sales in 2004 of $1,200,000. At December 31, 2004, before
adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000
debit, and Allowance for Doubtful Accounts $2,100 credit. If Battle Tank estimates that
2% of its net sales will prove to be uncollectible, prepare t

I5-2:
The following information pertains to the Leisure Time Company as of December 31, 2009; the date the company closes its accounting records for the year:
Employee Hire Date Hourly
Rate
of Pay 2008 Vacation Days carried into 2009 Days Vacation Taken in 2009
R. Apple 07/12/1985 $37.50 7 23
P. Caliper 04/01/20

On January 1, year 1, a firm agrees to lease equipment on the following terms:
3 annual payments of $4,000 due on December 31, of each year
Assume the market interest rate is 10%
Required:
Prepare entries to record the above transaction as follows:
a.) as if a capital lease:
1) signing of contract
2) Dec

Need help with this problem, would appreciate detail step by step instructions. Thank You
Attached is what I started not sure if correct.
PROBLEM # 2 LTB4-2:
The Overly Complex Company uses the composite method of depreciation on the following assets:
Asset A Asset B Asset C Asset D Asset E
Original Co

Non monetary exchange.
Martin Co. had a sheet metal cutter that cost $96,000 on January 5, 2002. This old cutter had an estimated life of ten years and a salvage value of $16,000. On April 3, 2007, the old cutter is exchanged for a new cutter with a market value of $48,000. The exchange lacked commercial substance. Martin also

Please explain how to prepare the journal entries.
Payroll Entries
Total payroll of Bennett Co. was $920,000, of which $160,000 represented amounts paid in excess of $90,000 to certain employees. The amount paid to employees in excess of $7,000 was $720,000. Income taxes withheld were $225,000. The state unemployment tax i

During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
A. Paid $200,000 to landscape the property. The landscaping is considered permanent in nature.
B. Paid $70,000 to have an old building removed from the property.
C.

See attached file.
The accounts with identification letters for PlayWorld, Inc. are listed below.
During 2010, the company completed the transactions given below. You are to indicate the appropriate journal entry for each transaction by giving the account letter and amount. Some entries may need three letters. The first t

The will of Kate Tweed had the following provisions:
$195,000 in cash went to Victor Vickery.
All shares of PepsiCo went to Duchess Cash.
The residence went to Louis Tweed.
All other estate assets were to be liquidated with the resulting cash going to the Sacred Church of Liberty, Missouri.
The executor of this estate d

Construct a T-account representing the account impacted by the transaction in 3-12. Post all of the journal entries to these T-accounts. Compute the ending balance in each account. Assume that the beginning balance in the T-account is zero.
Journal Entries
Refer to PE 3-2. Make the journal entry necessary to record the trans

June 22 journal entry
Traded the old company truck for a new truck issuing a check to Commercial Truck Sales and Repairs.The cost of the old truck is 10,000 and on March 31, the end of the previous quarter it had depreciated $7,530 (at $60 a month). The new truck has a list price of $14,000 and a trade-in allowance of $2,800

On May 1, Battery, Inc. factored $800,000 of accounts receivable with Quick Finance on a without recourse basis. Under the arrangement, Battery was to handle disputes concerning service, and Quick Finance was to make the collections, handle the sales discounts, and absorb the credit losses. Quick Finance assessed a finance charg

Listed below are transactions dealing with various stock benefit plans of Fortune-Time Corporation during the period 2009-2011. The market price of the stock is $45 at January 1, 2009.
a.On Jan. 1,09, the company issued 10 million common shares to divisional managers under its restricted stock award plan. The shares are subj

McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted. The following data with respect to adjusting entries was available. Please record the required adjusting entries for December 2009.
a. Two plowing j

Kusmaul Electric sold $500,000, 10%, 10-year bonds on January 1, 2008. The bonds were dated January 1 and paid interest on January 1 and July 1. The bonds were sold at 104
Prepare the journal entry to record the issuance of the bonds on January 1, 2008. (List multiple debit/credit entries in descending order of amount.)
At

Milner Corporation has been authorized to issue 20,000 shares of $100 par value, 10% noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. At December 31, 2007, the ledger contained the following balances pertaining to stockholders' equity.

Problem C - II
Yount and Lance have a partnership agreement which includes the following provisions regarding sharing net income and net loss:
1. Since Yount will work only part time in the partnership, he will be allocated a salary allowance that is one half the salary allowance allocated to Lance. Lance's salary allowance

Before preparing financial statements for the current year, the chief accountant for Reynolds Company discovered the following errors in the accounts.
-The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest Expense $50,000 and a credit to Cash $50,000.
-A 10% stock dividend (1,000 shares

J8) A company inappropriately used the direct writeoff method to book bad debts expense. Accounts written off and charged to expense were 150 in 2003, 250 in 2004 and 350 in 2005. Credit sales were 10,000 in 2003, 11,000 in 2004 and 12,000 in 2005. At Dec 2005, the company realizes it should have followed the allowance method an

P17-2 (Available-for-Sale Debt Securities) On January 1, 2007, Rob Wilco Company purchased
$200,000, 8% bonds of Mercury Co. for $184,557. The bonds were purchased to yield 10% interest. Interest
is payable semiannually on July 1 and January 1. The bonds mature on January 1, 2012. Rob Wilco
Company uses the effective-interest